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BitMine’s Ethereum Treasury Drops $8B as Ether Falls Below $2,000

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TLDR:

  • BitMine’s ETH holdings drop to $8.4B, down $8B from the initial $16.4B investment. 
  • BMNR stock plunges 88% since its July peak amid Ether price declines. 
  • Over 2.9M ETH staked, generating 2.81% annual yield in staking rewards. 
  • BitMine holds $538M cash with no debt, allowing it to maintain ETH positions.

 

BitMine ETH losses have reached $8 billion following Ether’s decline below $2,000. Despite sharp declines, the company reports no debt obligations and continues earning staking income from its Ethereum holdings.

BitMine’s Ethereum Holdings and Stock Performance

BitMine Immersion Technologies (BMNR) currently holds 4.29 million ETH, purchased at an estimated total cost of $16.4 billion. At current prices below $2,000 per Ether, the portfolio’s market value has fallen to approximately $8.4 billion. 

This represents nearly $8 billion in paper losses. BMNR shares have reacted sharply to Ether’s decline. 

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Since July, the stock has fallen 88% and hit a new low on Thursday, declining 7% on the day alone. This movement reflects investor concern over BitMine’s heavy exposure to Ethereum, especially amid declining prices.

The firm’s funding strategy differs from many other crypto treasuries. Rather than borrowing, BitMine relied on equity issuance to acquire its Ethereum and other digital assets. 

According to Thomas Lee, Executive Chairman, the company faces no debt covenants or restrictions. This approach allows BitMine to hold its ETH through periods of market volatility without immediate pressure to sell.

In recent weeks, BitMine has continued Ethereum accumulation. The company added 41,788 ETH in the past week, following steady weekly purchases since December 2025. 

This demonstrates a consistent commitment to maintaining and growing its Ethereum portfolio.

Financial Position, Staking, and Market Activity

BitMine maintains a strong cash position of $538 million while staking over 2.9 million ETH. Staked Ethereum generates an annual yield of approximately 2.81%, providing a steady income stream despite the market drawdown.

In addition to Ethereum, BitMine holds 193 Bitcoin and strategic investments in other companies. This includes a $200 million stake in Beast Industries and $19 million in Eightco Holdings. 

These assets contribute to liquidity and diversify the company’s portfolio. Ethereum network activity has shown strong fundamentals, with daily transactions reaching an all-time high of 2.5 million and active addresses surpassing one million. 

These metrics suggest robust usage and engagement, even as prices remain under pressure. BitMine also ranks among the most actively traded U.S.-listed stocks, averaging $1.1 billion in daily volume. 

The firm’s large-scale Ethereum holdings, diversified portfolio, and staking income support its ability to ride out short-term market volatility.



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